Blog
Posts tagged 'economy' | Catapult Public Relations
The following posts are associated with the tag you have selected. You may subscribe to the RSS feed for this tag to receive future updates relevant to the topic(s) of your interest.
March 17, 2009
FREEWAVE TECHNOLOGIES’ FOUNDERS SHARE $9 MILLION WITH COMPANY EMPLOYEES
Employees help FreeWave achieve phenomenal performance and customer satisfaction – company founders maintain philosophy of sharing in financial success
BOULDER, Colo. – March 16, 2009 – As the drumbeat of bad economic news hits a fevered pitch, last Thursday afternoon, FreeWave Technologies (www.freewave.com) distributed the third installment of a $9 million equity bonus to its employees. The bonus, part of a $113 million private-equity transaction, was given by Company Founders Steve Wulchin and Jonathan Sawyer to reward employees for their hard work and dedication that has helped the company become the leading supplier of high-performance spread spectrum and licensed radio products and services.
“This bonus is a tribute to the great work all FreeWave employees do everyday to build great products and deliver them to customers with the highest level of service,” said Co-founder and CTO Sawyer. “Our philosophy is simple – as the company prospers, so to should the employees that helped us get to where we are today.”
As the industry’s largest independent provider of spread spectrum and licensed radio products and services, FreeWave continues to build products that are more reliable, cost-effective and technically advanced to meet the growing need for remote wireless data transmission. The wireless data radio provider continues to build upon its leadership position in oil and gas; military; electric power; and, the water industries, to name a few. Its success is based on two simple concepts: First, hire the best and the brightest; and second, listen to your customers, deliver what they need.
“Having a common purpose and shared responsibility results in great business performance, satisfied customers and a self-fulfilled workforce,” said Wulchin, the company’s CEO. “Nine million dollars seems like a lot of money, and it is. Sharing in the success of the company has and always will be a cornerstone of how FreeWave builds it business.
“This bonus, of course, is very important. It does over-shadow some of the hallmarks of our philosophy for running the company successfully;” Wulchin continued. “FreeWave has never had a layoff and we are committed to avoiding ever having a layoff. We have paid bonuses every six months since hiring our first employees in 1995 – including as recently as January 2009. On average, the lowest the annual value this bonus has been for any employee over each of the last five years is more than $11,000,” he added. “We feel that being profitable is more than a goal. It is critical to our customers and employees. Every month since we have had employees, we have been profitable.
“Finally, we view each of bonus programs in the same light. Our people work very, very hard,” Wulchin noted. “These bonuses give them a chance to help define their own success along with the company’s success. We know that they will continue to contribute at very high levels and we will commit to sharing the fruits of our joint success.”
About FreeWave Technologies
Founded in 1993, FreeWave Technologies is a world leader in the innovative design and manufacture of license-free spread spectrum and licensed band radios and wireless data solutions that are trusted for mission critical applications around the world. Based in Boulder, Colorado, the company offers network design, path studies and pre-installation engineering services to enable reliable, error free data-flow in even the most challenging conditions and in environments. FreeWave is the only long term radio provider with in-family 100 percent backward compatibility with fully integrated, best-in-class engineered products. For additional information, contact FreeWave directly at 866.399.4930 or at newsinfo@freewave.com. Visit the company’s website at www.freewave.com.
###
PR Contact:
Terri Douglas
Catapult PR-IR
303.581.7760, ext. 18 (office)
303.808.6820 (cell)
tdouglas@catapultpr-ir.com
February 5, 2009
DESPITE ECONOMIC DOWNTURN, FREEWAVE TECHNOLOGIES CONTINUES TO GROW AND INVEST
Wireless data radio communications provider bucks the current economic slowdown trend with investments in R&D, market expansion and its employees
BOULDER, Colo., Jan. 21, 2009 – FreeWave Technologies in Boulder, Colorado continues to buck the trends and conventional practices popular today. How? FreeWave presented every employee with a bonus on January 16, 2009. The company has paid this bonus every six months since the first one was paid in July 1995. Payments are based on company profitability and individual performance.
Everyone knows that today’s headlines across the country and on the Web are shouting “layoffs, spending cuts and bankruptcies.” Bonus programs are eliminated in many companies and cut way back in many others. Numerous companies are severely cutting costs and paring back in order just to keep their operations afloat.
How is FreeWave able to continue this success story in these times? From the outset, Co-founders Steve Wulchin and Jonathan Sawyer believed that to succeed, they needed to make ongoing investments in everything that is required to serve their customers. This ranges from the decision to have their own manufacturing facility in Boulder to the technologies used to design, develop, test and manufacture their wireless radios to hiring the best talent. “We have a very driven viewpoint that everything the company does must relate to its customers,” said Colin Lippincott, FreeWave spokesperson. “And it works. That is how and why we can continue to make investments while others are retrenching.”
The bonus story is a great one to tell. But, there is more. Lippincott says that over the past year, FreeWave has invested in expanding its facility to accommodate more staff; growing its manufacturing space and capabilities; dedicating more resources and technology to its product development; increasing its customer and partner training; and, investing in marketing and sales. In addition, the company has expanded into several new markets, both domestically and internationally, which is helping offset business lost to industries that aren’t faring as well during these tough economic times.
He adds that FreeWave has expanded its staff this past year in sales and marketing – an area that usually is the first to be cut by most companies when downturns occur. In fact, just recently, the company brought on veteran Ken Granader as Vice President of Sales (see news release dated Jan. 19, 2009 — FreeWave Expands Executive Team. . . http://www.freewave.com/release-64.html). Granader brings a wealth of experience and will help FreeWave enter many new markets over the next several years while continuing to prosper in existing ones.
“We believe that everyone here has a stake in the company’s success. The company doesn’t just rely on sales, or engineering or manufacturing or finance. It’s everyone’s job here at FreeWave to ensure 100 percent customer satisfaction. And every single employee takes it seriously because we each have a stake in making that happen.”
FreeWave boasts 10 consecutive years on Deloitte LLP’s Fast 50 list of top growing companies in Colorado. Wonder if there’s a direct correlation? Lippincott emphatically says, “It’s no accident we continue to be selected to Deloitte’s Fast 50 list. We do whatever we can to delight our customers and reward employees for their contributions.”
About FreeWave Technologies
Founded in 1993, FreeWave Technologies is a world leader in the innovative design and
manufacture of ISM Band radios and wireless data solutions that are trusted for mission critical applications around the world. Based in Boulder, Colorado, the company offers network design, path studies and pre-installation engineering services to ensure reliable, error free data-flow in the most challenging RF environments. FreeWave is the only long-term radio provider with 100 percent backward compatibility with fully integrated, best-in-class engineered products. For additional information, contact FreeWave directly at 866.923.6168 or at newsinfo@freewave.com. Visit the company’s website at www.freewave.com.
PR Contact:
Terri Douglas
Catapult PR-IR
303.581.7760, ext. 18 (office)
303.808.6820 (cell)
tdouglas@catapultpr-ir.com
